LuLu Money, the digital offering of LuLu Financial group has witnessed a massive surge in 2020.
After the initial fear over Covid-19 wrecking economies, the remittances industry has finally started on its road to recovery. One of the major factors facilitating this return to form is the acceptance of digital solutions by people across the world.
LuLu Financial Group- a leading financial services provider has been playing an instrumental role in this resurgence. Having invested in the future much in advance, LuLu Money, the company’s utilitarian and easy-to-use mobile app has helped thousands of expats across age-groups and demographics, to remit money easily during this tough period.
“In a renewed normal, the world will see a new wave of digitally adept consumers who are more than willing to accept the benefits of a low-touch economy. With LuLu Money, our foresight has borne fruit and we are pleased that our digital solution is playing a crucial role in the recovery of the global remittance economy,” said Mr. Adeeb Ahamed, MD, LuLu Financial Group.
The app has grown at a rapid pace in recent weeks, with nearly 25% of its total existing users being onboarded in 2020 alone. The Gen Z, which falls under the 23-year old age group, is one of LuLu Money’s fastest growing segments. This particular consumer demographic alone has recorded a 150% year-on-year growth so far in 2020 and comprises 15% of the company’s online users.
Prepping for a post-Covid world
Keeping in mind the restrictions on outdoor movement and general apprehension among the public to visit branches at peak hours, LuLu Money allows customers to block real-time rates for up to 4 hours and then make the payment at the branch within this stipulated timeframe. This feature is expected to be a big support in the post-Covid era of social distancing.
Users can perform secure and instant money transfers anywhere, anytime, and nearly 90% of the transactions on the platform are processed in under 15 seconds. Other than remitting money, the app allows customers to avail exciting offers, view the best exchange rates in real-time and track payment history.
Mr. Ahamed believes that as a customer-centric company, LuLu Money has been constantly adding services, in line with its vision to enable a seamless customer experience. “During this period of outdoor restrictions, we have been encouraging not just our new-age customers, but also those who prefer remitting money through physical branches to give our mobile solution a try and discover its many benefits,” he added.
As a part of its superior customer service, the company has setup a dedicated helpline desk on the app, as well as on social media, to help customers know that their transactions are safe and secure. This will make sure that customers don’t have to worry about their hard-earned money reaching its intended destination: home.